Dave Ramsey - ZERO CREDIT SCORE …. GASP …. COMPONENTS OF THE FICO (CREDIT SCORE)
February 24th, 2008 | by admin |What’s your magic number? These folks look very proud of their credit scores. Dave needs to make one of these adds with him in it with a ZERO circle over his head. Today, I am a tad jealous. Am I weird? You betcha. Look around you, Normal is Broke in America.
Dave Ramsey often brags of his ZERO (0) credit score. I must admit, when I first heard him say this, I thought he must be off his rocker.
We need a credit score right?
Why?
Hmmmm, so we can borrow more money to build our credit score …
Think of all of those payments you are sending the BANK. What if YOU could keep that money and invest, build wealth, give away.
Here are the components of your FICO score. You have to keep borrowing or you are penalized. How stupid is that in the UNITED STATES OF AMERICA, if you actually save and spend money only when you have money, your magic number (FICO Score) goes down!
COMPONENTS OF THE FICO (CREDIT SCORE)
- Payment History - 35%
- Amounts Owed - 30%
- Length of Credit History - 15%
- New Credit - 10%
- Types of Credit Used - 10%
You don’t have to “shave the head and drink the kool-aide” and start thinking about a zero credit score (AKA - Dave Ramsey Nirvana) right away.
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